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Forex

EUR/JPY tests confluence support near 185.00 amidst bullish bias

Guavy AI Editorial Team
Instruments
EUR JPY
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The EUR/JPY currency cross is showing positive momentum without reaching overbought levels, according to technical analysis. The Relative Strength Index (RSI) at 57.38 indicates a moderate upside pressure.

The ascending channel pattern on the daily chart suggests an ongoing bullish bias for the EUR/JPY cross. It holds above both the nine- and 50-period Exponential Moving Averages (EMAs), signaling persistent upward pressure.

A break below the confluence support zone around the lower boundary of the ascending channel, aligned with the nine-day EMA at 185.19 and the 50-day EMA at 184.72, may cause a bearish reversal.

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